Report : South America Smart Kitchen Appliance Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Smart Ovens, Smart Refrigerator, Smart Juicers and Blenders, Smart Cookers and Cooking Robots, Smart Cooktops, Smart Integrated Cooktops and Ovens, Smart Sous Vide, and Others), Connectivity (Wi-Fi and Bluetooth), and End User (Residential and Commercial)
The smart refrigerator segment by product is estimated to lead the market growth during the forecast period.
According to a new market research study of “South America Smart Kitchen Appliance Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Product, Application, Connectivity and Country.” The South America smart kitchen appliance market is expected to reach US$ 956.0 million by 2028 from US$ 355.2 million in 2021; it is estimated to grow at a CAGR of 15.2% from 2021-2028. The report highlights trends prevailing in the South America smart kitchen appliance market and the factors driving market along with those that act as hindrances.
The construction sector is witnessing substantial demand for connected homes equipped with technologically advanced appliances and devices. Developing countries such as Brazil have made interesting strides in smart home developments. The South American market has witnessed substantial growth in the number of smart homes, and the country is expected to experience similar trends in the coming years. The rapid shift in the mindsets of the Brazilian population is heavily impacting the growth of smart home appliances such as smart speakers, smart thermostats, smart lighting, and smart security devices. According to Alarm.org, 57% of Americans admitted that by using smart products, they could save ~30 minutes of their time in a day; ~47% of millennials are already using smart home products. The penetration of these smart devices is opening up the growth avenues for smart kitchen appliances as these appliances are among the necessary household items. Owing to the change in the mindset of the global population, majorly among the people in developed countries and a few developing countries, the smart kitchen appliances market is expected to have a positive outlook in the future. Also, the hospitality industry in various geographies is procuring robotic technologies and connected technologies to enhance customer satisfaction. Smart TVs, voice-controlled rooms, robotic luggage storage, and digital concierge are among the prominent smart hotel technologies. Various hotel management teams are showcasing interest in transforming their kitchens into smart kitchens with the procurement of smart kitchen appliances. The integration of cloud-based technologies and smartphones is enabling hotels and restaurant owners to remotely control and monitor their commercial kitchen appliances.
Brazil has recorded the highest number of COVID-19 cases in SAM, followed by Ecuador, Peru, Chile, and Argentina, respectively. Several electronics manufacturers had to temporarily cease their manufacturing units owing to the enactment of containment measures, and the limited availability of components and raw materials. Further, the manufacturers of various electronic and semiconductor products, including smart kitchen appliances, experienced delays in stipulated timelines. Meanwhile, from the late Q4 of 2021, supply chain operations of consumer electronics in SAM began to stabilize. Hence, despite the COVID-19 pandemic, the region showcased positive demand for advanced consumer electronics in 2020 and 2021.
Based on product, the South America smart kitchen appliance market is segmented into smart ovens, smart refrigerators, smart sous vide, smart juicers and blenders, smart cookers and cooking robots, smart cooktops, smart integrated ovens and cooktops, and others. By end user, the South America smart kitchen appliance market is segmented into commercials and residential. Geographically, the South America smart kitchen appliance market is sub-segmented into Brazil, Argentina and Rest of South America.
Electrolux AB, BSH Hausgeräte GmbH, GE Appliances, LG Electronics, Koninklijke Philips N.V., Panasonic Corporation, Samsung Electronics Co., Ltd., Whirlpool Corporation, and Breville Group Limited are among the leading companies operating in the South America smart kitchen appliance market.
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